Maryland | 001-32514 | 20-1180098 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
3 Bethesda Metro Center, Suite 1500 Bethesda, MD |
20814 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
DIAMONDROCK HOSPITALITY COMPANY | ||||||
Date: July 25, 2011
|
By: | /s/ William J. Tennis
|
||||
Executive Vice President, General Counsel and Corporate Secretary |
Exhibit No. | Description | |||
99.1 | Press release dated July 25, 2011. |
| Pro Forma RevPAR: The Companys Pro Forma RevPAR was $124.03, an increase of 6.4% from the comparable period in 2010. Pro Forma RevPAR is calculated for the 25 hotels owned by the Company as of June 17, 2011 as if these hotels were owned since January 1, 2010 but excludes the operating results of the Frenchmans Reef & Morning Star Marriott Beach Resort due to the impact of the ongoing extensive renovation of the hotel in 2011. |
| Pro Forma Hotel Adjusted EBITDA Margins: The Companys Pro Forma Hotel Adjusted EBITDA margin was 27.87%, an increase of 104 basis points from the comparable period in 2010. Pro Forma Hotel Adjusted EBITDA margin is calculated for the 25 hotels owned by the Company as of June 17, 2011 as if these hotels were owned since January 1, 2010 but excludes the operating results of the Frenchmans Reef & Morning Star Marriott Beach Resort. |
| Adjusted EBITDA: The Companys Adjusted EBITDA was $41.1 million. |
| Adjusted FFO: The Companys Adjusted FFO was $25.6 million and Adjusted FFO per diluted share was $0.15. |
| Acquisition of the JW Marriott Denver: On May 19, 2011, the Company acquired the JW Marriott Denver at Cherry Creek for approximately $74 million. |
| Acquisition of the Lexington Hotel NYC: On June 1, 2011, the Company acquired the Lexington Hotel New York for approximately of $337 million. |
| Acquisition of the Courtyard Denver: On July 22, 2011, the Company acquired the Courtyard Denver Downtown for approximately $46 million. |
| Hilton Minneapolis Mortgage Loan: On April 15, 2011, the Company received $100 million of proceeds from a new non-recourse loan secured by the Hilton Minneapolis. |
| Credit Facility Amendment: On June 2, 2011, the Company amended its $200 million corporate credit facility to reduce the interest rate, lower certain fees, and extend the term for an additional year. |
| Dividends: The Company declared a quarterly dividend of $0.08 per share during the second quarter. |
| Pro Forma RevPAR increase of 6.4% and Pro Forma Hotel Adjusted EBITDA margin increase of 104 basis points compared to the comparable period in 2010. |
| Revenues of $169.5 million compared to $151.1 million for the comparable period in 2010. |
| Adjusted EBITDA of $41.1 million compared to $35.8 million for the comparable period in 2010. |
| Adjusted FFO of $25.6 million and Adjusted FFO per diluted share of $0.15 based on 167.4 million diluted weighted average shares compared to $21.6 million and $0.16, respectively, for the comparable period in 2010. |
| Net loss of $0.6 million (or $0.00 per diluted share) compared to net income of $0.8 million (or $0.01 per diluted share) for the comparable period in 2010. |
| Pro Forma RevPAR increase of 5.6% and Pro Forma Hotel Adjusted EBITDA margin increase of 82 basis points compared to the comparable period in 2010. |
| Revenues of $291.8 million compared to $264.0 million for the comparable period in 2010. |
- 2 -
| Adjusted EBITDA of $59.9 million compared to $54.3 million for the comparable period in 2010. |
| Adjusted FFO of $37.4 million and Adjusted FFO per diluted share of $0.23 based on 165.7 million diluted weighted average shares compared to $33.6 million and $0.25, respectively, for the comparable period in 2010. |
| Net loss of $11.6 million (or $0.07 per diluted share) compared to $7.5 million (or $0.06 per diluted share) for the comparable period in 2010. |
- 3 -
- 4 -
| RevPAR to increase 6 percent to 8 percent. |
| Adjusted EBITDA of $172 million to $177 million, which assumes $6.5 million of renovation disruption from the Frenchmans Reef repositioning project. |
| Adjusted FFO of $111 million to $116 million, which assumes income tax expense to range from $6 million to $7 million. |
| Adjusted FFO per share of $0.66 to $0.69 based on 167.5 million diluted weighted average shares. |
- 5 -
- 6 -
- 7 -
June 17, 2011 | December 31, 2010 | |||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
Property and equipment, at cost |
$ | 2,901,026 | $ | 2,468,289 | ||||
Less: accumulated depreciation |
(439,324 | ) | (396,686 | ) | ||||
2,461,702 | 2,071,603 | |||||||
Deferred financing costs, net |
6,935 | 5,492 | ||||||
Restricted cash |
75,812 | 51,936 | ||||||
Due from hotel managers |
60,340 | 50,715 | ||||||
Note receivable |
57,346 | 57,951 | ||||||
Favorable lease assets, net |
43,825 | 42,622 | ||||||
Prepaid and other assets |
75,232 | 50,089 | ||||||
Cash and cash equivalents |
20,918 | 84,201 | ||||||
Total assets |
$ | 2,802,110 | $ | 2,414,609 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Liabilities: |
||||||||
Mortgage debt |
$ | 921,094 | $ | 780,880 | ||||
Senior unsecured credit facility |
115,000 | | ||||||
Total debt |
1,036,094 | 780,880 | ||||||
Deferred income related to key money, net |
20,564 | 19,199 | ||||||
Unfavorable contract liabilities, net |
82,923 | 83,613 | ||||||
Due to hotel managers |
37,408 | 36,168 | ||||||
Dividends declared and unpaid |
13,549 | | ||||||
Accounts payable and accrued expenses |
87,827 | 81,232 | ||||||
Total other liabilities |
242,271 | 220,212 | ||||||
Stockholders Equity: |
||||||||
Preferred stock, $0.01 par value; 10,000,000
shares authorized; no shares issued and
outstanding |
| | ||||||
Common stock, $0.01 par value; 200,000,000
shares authorized; 167,385,657 and 154,570,543
shares issued and outstanding at June 17, 2011
and December 31, 2010, respectively |
1,674 | 1,546 | ||||||
Additional paid-in capital |
1,706,887 | 1,558,047 | ||||||
Accumulated deficit |
(184,816 | ) | (146,076 | ) | ||||
Total stockholders equity |
1,523,745 | 1,413,517 | ||||||
Total liabilities and stockholders equity |
$ | 2,802,110 | $ | 2,414,609 | ||||
- 8 -
Fiscal Quarter | Fiscal Quarter | Period from | Period from | |||||||||||||
Ended | Ended | January 1, 2011 to | January 1, 2010 to | |||||||||||||
June 17, 2011 | June 18, 2010 | June 17, 2011 | June 18, 2010 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Revenues: |
||||||||||||||||
Rooms |
$ | 111,866 | $ | 95,730 | $ | 191,184 | $ | 167,378 | ||||||||
Food and beverage |
49,432 | 47,699 | 86,466 | 83,250 | ||||||||||||
Other |
8,207 | 7,696 | 14,122 | 13,324 | ||||||||||||
Total revenues |
169,505 | 151,125 | 291,772 | 263,952 | ||||||||||||
Operating Expenses: |
||||||||||||||||
Rooms |
28,534 | 24,458 | 51,243 | 44,530 | ||||||||||||
Food and beverage |
33,210 | 31,490 | 60,252 | 56,215 | ||||||||||||
Management fees |
6,987 | 5,482 | 10,389 | 8,554 | ||||||||||||
Other hotel expenses |
58,211 | 51,990 | 105,931 | 96,619 | ||||||||||||
Depreciation and amortization |
21,682 | 19,074 | 43,034 | 37,981 | ||||||||||||
Hotel acquisition costs |
1,904 | 337 | 2,159 | 337 | ||||||||||||
Corporate expenses |
4,373 | 3,560 | 8,448 | 6,911 | ||||||||||||
Total operating expenses |
154,901 | 136,391 | 281,456 | 251,147 | ||||||||||||
Operating income |
14,604 | 14,734 | 10,316 | 12,805 | ||||||||||||
Other Expenses (Income): |
||||||||||||||||
Interest income |
(268 | ) | (286 | ) | (565 | ) | (367 | ) | ||||||||
Interest expense |
12,340 | 11,089 | 23,483 | 19,215 | ||||||||||||
Total other expenses |
12,072 | 10,803 | 22,918 | 18,848 | ||||||||||||
Income (loss) before income taxes |
2,532 | 3,931 | (12,602 | ) | (6,043 | ) | ||||||||||
Income tax (expense) benefit |
(3,088 | ) | (3,092 | ) | 1,003 | (1,462 | ) | |||||||||
Net (loss) income |
$ | (556 | ) | $ | 839 | $ | (11,599 | ) | $ | (7,505 | ) | |||||
Earnings (loss) per share: |
||||||||||||||||
Basic and diluted earnings (loss) per share |
$ | | $ | 0.01 | $ | (0.07 | ) | $ | (0.06 | ) | ||||||
- 9 -
Historical (in 000s) | ||||||||||||||||
Fiscal Quarter Ended | Period From | |||||||||||||||
January 1, 2011 to | January 1, 2010 to | |||||||||||||||
June 17, 2011 | June 18, 2010 | January 17, 2011 | January 18, 2010 | |||||||||||||
Net (loss) income |
$ | (556 | ) | $ | 839 | $ | (11,599 | ) | $ | (7,505 | ) | |||||
Interest expense |
12,340 | 11,089 | 23,483 | 19,215 | ||||||||||||
Income tax expense (benefit) |
3,088 | 3,092 | (1,003 | ) | 1,462 | |||||||||||
Depreciation and amortization |
21,682 | 19,074 | 43,034 | 37,981 | ||||||||||||
EBITDA |
$ | 36,554 | $ | 34,094 | $ | 53,915 | $ | 51,153 | ||||||||
Full Year Forecast 2011 (in 000s) | ||||||||
Low End | High End | |||||||
Net (loss) income |
$ | (1,164 | ) | $ | 4,836 | |||
Interest expense |
55,000 | 54,000 | ||||||
Income tax expense |
6,000 | 7,000 | ||||||
Depreciation and amortization |
101,000 | 100,000 | ||||||
EBITDA |
$ | 160,836 | $ | 165,836 | ||||
Historical (in 000s) | ||||||||||||||||
Fiscal Quarter Ended | Period From | |||||||||||||||
January 1, 2011 to | January 1, 2010 to | |||||||||||||||
June 17, 2011 | June 18, 2010 | January 17, 2011 | January 18, 2010 | |||||||||||||
Net (loss) income |
$ | (556 | ) | $ | 839 | $ | (11,599 | ) | $ | (7,505 | ) | |||||
Real estate related depreciation
|
21,682 | 19,074 | 43,034 | 37,981 | ||||||||||||
FFO |
21,126 | 19,913 | 31,435 | 30,476 | ||||||||||||
FFO per share (basic and diluted) |
$ | 0.13 | $ | 0.14 | $ | 0.19 | $ | 0.23 | ||||||||
Full Year Forecast 2011 (in 000s) | ||||||||
Low End | High End | |||||||
Net income |
$ | (1,164 | ) | $ | 4,836 | |||
Depreciation and amortization |
101,000 | 100,000 | ||||||
FFO |
$ | 99,836 | $ | 104,836 | ||||
FFO per share (basic and diluted) |
$ | 0.60 | $ | 0.63 | ||||
- 10 -
| Non-Cash Ground Rent: The Company excludes the non-cash expense incurred from straight lining the rent from its ground lease obligations and the non-cash amortization of its favorable lease assets. |
| The impact of the non-cash amortization of the unfavorable contract liabilities recorded in conjunction with the Companys acquisitions of the Bethesda Marriott Suites, the Chicago Marriott Downtown, the Renaissance Charleston and the Radisson Lexington. The amortization of the unfavorable contract liabilities does not reflect the underlying performance of the Company. |
| Cumulative effect of a change in accounting principle: Infrequently, the Financial Accounting Standards Board (FASB) promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. The Company excludes these one-time adjustments because they do not reflect its actual performance for that period. |
| Gains from Early Extinguishment of Debt: The Company excludes the effect of gains recorded on the early extinguishment of debt because it believes that including them in EBITDA and FFO is not consistent with reflecting the ongoing performance of its hotels. |
| Impairment Losses: The Company excludes the effect of impairment losses recorded because it believes that including them in EBITDA and FFO is not consistent with reflecting the ongoing performance of its assets. In addition, the Company believes that impairment charges are similar to depreciation expense, which is also excluded from EBITDA and FFO. |
| Gains or Losses on Dispositions: The Company excludes the effect of gains or losses on dispositions from EBITDA because it believes that including them is not consistent with reflecting the ongoing performance of its remaining assets. In addition, gains and losses on dispositions are excluded from the calculation of FFO in accordance with NAREIT standards. |
| Acquisition Costs: The Company excludes acquisition transaction costs expensed during the period because it believes that including these costs in EBITDA and FFO is not consistent with the underlying performance of the Company. |
| Mortgage Loan Interest Payments Received: The Company includes cash payments received on its senior loan secured by the Allerton Hotel in Adjusted EBITDA and Adjusted FFO. GAAP requires the Company to record the cash received from the borrower as a reduction of its basis in the mortgage loan due to the uncertainty over the timing and amount of cash payments on the loan. The Company believes that these cash payments reflect its return on its investment in the mortgage loan and should be included in Adjusted EBITDA and Adjusted FFO as they relate to the operating performance of the Company. |
| Other Non-Cash and /or Unusual Items: The Company excludes the effect of certain non-cash and/or unusual items because it believes that including these costs in EBITDA and FFO is not consistent with the underlying performance of the Company. During the second fiscal quarter ended June 17, 2011 the Company accrued for the net repayment of key money to Hilton in conjunction with entering into a termination agreement for the Conrad Chicago. The Company excluded this unusual cost from EBITDA and FFO because it believes that including it would not be consistent with reflecting the ongoing performance of its asset. |
Historical (in 000s) | ||||||||||||||||
Fiscal Quarter Ended | Period From | |||||||||||||||
January 1, 2011 | January 1, 2010 | |||||||||||||||
June 17, 2011 | June 18, 2010 | to June 17, 2011 | to June 18, 2010 | |||||||||||||
EBITDA |
$ | 36,554 | $ | 34,094 | $ | 53,915 | $ | 51,153 | ||||||||
Non-cash ground rent |
1,655 | 1,777 | 3,221 | 3,566 | ||||||||||||
Non-cash amortization of
unfavorable contract
liabilities |
(426 | ) | (397 | ) | (852 | ) | (794 | ) | ||||||||
Accrual for net key money
repayment |
864 | | 864 | | ||||||||||||
Mortgage loan cash payments |
505 | | 605 | | ||||||||||||
Acquisition costs |
1,904 | 337 | 2,159 | 337 | ||||||||||||
Adjusted EBITDA |
$ | 41,056 | $ | 35,811 | $ | 59,912 | $ | 54,262 | ||||||||
Forecast Full Year 2011 (in 000s) | ||||||||
Low End | High End | |||||||
EBITDA |
$ | 160,836 | $ | 165,836 | ||||
Non-cash ground rent |
6,600 | 6,600 | ||||||
Non-cash amortization of unfavorable contract liabilities |
(1,800 | ) | (1,800 | ) | ||||
Accrual for net key money repayment |
864 | 864 | ||||||
Mortgage loan cash payments |
3,000 | 3,000 | ||||||
Acquisition costs |
2,500 | 2,500 | ||||||
Adjusted EBITDA |
$ | 172,000 | $ | 177,000 | ||||
- 11 -
Historical (in 000s) | ||||||||||||||||
Fiscal Quarter Ended | Period From | |||||||||||||||
January 1, 2011 | January 1, 2010 | |||||||||||||||
June 17, 2011 | June 18, 2010 | to June 17, 2011 | to June 18, 2010 | |||||||||||||
FFO |
$ | 21,126 | $ | 19,913 | $ | 31,435 | $ | 30,476 | ||||||||
Non-cash ground rent |
1,655 | 1,777 | 3,221 | 3,566 | ||||||||||||
Non-cash amortization of
unfavorable contract
liabilities |
(426 | ) | (397 | ) | (852 | ) | (794 | ) | ||||||||
Accrual for net key money
repayment |
864 | | 864 | | ||||||||||||
Mortgage loan cash payments |
505 | | 605 | | ||||||||||||
Acquisition costs |
1,904 | 337 | 2,159 | 337 | ||||||||||||
Adjusted FFO |
$ | 25,628 | $ | 21,630 | $ | 37,432 | $ | 33,585 | ||||||||
Adjusted FFO per share
(basic and diluted) |
$ | 0.15 | $ | 0.16 | $ | 0.23 | $ | 0.25 | ||||||||
Forecast Full Year 2011 (in 000s) | ||||||||
Low End | High End | |||||||
FFO |
$ | 99,836 | $ | 104,836 | ||||
Non-cash ground rent |
6,600 | 6,600 | ||||||
Non-cash amortization of unfavorable contract liabilities |
(1,800 | ) | (1,800 | ) | ||||
Accrual for net key money repayment |
864 | 864 | ||||||
Acquisition costs |
3,000 | 3,000 | ||||||
Mortgage loan cash payments |
2,500 | 2,500 | ||||||
Adjusted FFO |
$ | 111,000 | $ | 116,000 | ||||
Adjusted FFO per share (diluted) |
$ | 0.66 | $ | 0.69 | ||||
2012 | ||||
Full Year | ||||
Estimated Net Income (Loss) |
$ | 1,400 | ||
Income Tax Expense |
100 | |||
Depreciation Expense |
1,300 | |||
Interest Expense |
1,000 | |||
Estimated EBITDA |
$ | 3,800 | ||
Quarter 2, 2010 | Quarter 3, 2010 | Quarter 4, 2010 | Full Year 2010 | Quarter 1, 2011 | ||||||||||||||||
RevPAR |
$ | 116.71 | $ | 117.63 | $ | 118.76 | $ | 112.11 | $ | 94.36 | ||||||||||
Revenues (in thousands) |
$ | 171,623 | $ | 166,670 | $ | 227,497 | $ | 685,324 | $ | 121,574 | ||||||||||
Hotel Adjusted EBITDA (in thousands) |
$ | 46,378 | $ | 44,326 | $ | 66,712 | $ | 177,626 | $ | 20,960 | ||||||||||
% of Full Year |
26.1 | % | 25.0 | % | 37.6 | % | 100.0 | % | 10.8 | % | ||||||||||
Hotel Adjusted EBITDA Margin |
27.02 | % | 26.60 | % | 29.32 | % | 25.92 | % | 17.24 | % | ||||||||||
Available Rooms |
982,360 | 982,360 | 1,307,402 | 4,133,444 | 854,009 |
- 12 -
Fiscal Quarter | Fiscal Quarter | Period from | Period from | |||||||||||||||||||||
Ended | Ended | January 1, 2011 to | January 1, 2010 to | |||||||||||||||||||||
June 17, 2011 | June 18, 2010 | % Change | June 17, 2011 | June 18, 2010 | % Change | |||||||||||||||||||
Revenues: |
||||||||||||||||||||||||
Rooms |
$ | 119,841 | $ | 112,649 | 6.4 | % | $ | 199,419 | $ | 189,564 | 5.2 | % | ||||||||||||
Food and beverage |
47,459 | 48,525 | (2.2 | )% | 82,454 | 84,168 | (2.0 | )% | ||||||||||||||||
Other |
8,549 | 8,303 | 3.0 | % | 14,453 | 14,151 | 2.1 | % | ||||||||||||||||
Total revenues |
175,849 | 169,477 | 3.8 | % | 296,326 | 287,883 | 2.9 | % | ||||||||||||||||
Operating Expenses: |
||||||||||||||||||||||||
Rooms |
31,291 | 29,493 | 6.1 | % | 55,437 | 52,637 | 5.3 | % | ||||||||||||||||
Food and beverage |
31,344 | 31,420 | (0.2 | )% | 56,758 | 56,446 | 0.6 | % | ||||||||||||||||
Other direct departmental |
4,672 | 4,669 | 0.1 | % | 8,491 | 8,432 | 0.7 | % | ||||||||||||||||
General and administrative |
14,293 | 14,266 | 0.2 | % | 26,270 | 26,077 | 0.7 | % | ||||||||||||||||
Utilities |
5,515 | 5,364 | 2.8 | % | 10,527 | 10,419 | 1.0 | % | ||||||||||||||||
Repairs and maintenance |
7,653 | 7,201 | 6.3 | % | 14,163 | 13,530 | 4.7 | % | ||||||||||||||||
Sales and marketing |
13,583 | 12,862 | 5.6 | % | 23,646 | 22,080 | 7.1 | % | ||||||||||||||||
Base management fees |
4,720 | 4,515 | 4.5 | % | 7,853 | 7,581 | 3.6 | % | ||||||||||||||||
Incentive management fees |
1,508 | 1,397 | 7.9 | % | 1,680 | 1,506 | 11.6 | % | ||||||||||||||||
Property taxes |
7,710 | 8,348 | (7.6 | )% | 13,762 | 15,791 | (12.8 | )% | ||||||||||||||||
Ground rent |
3,452 | 3,234 | 6.7 | % | 6,356 | 6,132 | 3.7 | % | ||||||||||||||||
Other fixed expenses |
2,330 | 2,320 | 0.4 | % | 4,128 | 4,250 | (2.9 | )% | ||||||||||||||||
Total operating expenses |
128,071 | 125,089 | 2.4 | % | 229,071 | 224,881 | 1.9 | % | ||||||||||||||||
Hotel EBITDA |
$ | 47,778 | $ | 44,388 | 7.6 | % | $ | 67,255 | $ | 63,002 | 6.8 | % | ||||||||||||
Non-cash ground rent |
1,654 | 1,514 | 9.2 | % | 3,220 | 3,128 | 2.9 | % | ||||||||||||||||
Non-cash amortization of
unfavorable contract
liabilities |
(426 | ) | (426 | ) | 0.0 | % | (852 | ) | (852 | ) | 0.0 | % | ||||||||||||
Hotel Adjusted EBITDA |
$ | 49,006 | $ | 45,476 | 7.8 | % | $ | 69,623 | $ | 65,278 | 6.7 | % | ||||||||||||
(1) | The pro forma operating data includes the operating results for the Companys 25 hotels owned as of June 17, 2011 as if they were owned since January 1, 2010 but excludes the Frenchmans Reef & Morning Star Marriott Beach Resort from all periods presented due to the extensive ongoing renovation. |
- 13 -
Enterprise Value |
||||
Common equity capitalization (at June 17, 2011 closing price of $10.01/share) |
$ | 1,688,066 | ||
Consolidated debt |
1,036,094 | |||
Cash and cash equivalents |
(20,918 | ) | ||
Total enterprise value |
$ | 2,703,242 | ||
Share Reconciliation |
||||
Common shares outstanding |
167,386 | |||
Unvested restricted stock held by management and employees |
1,219 | |||
Share grants under deferred compensation plan held by directors |
33 | |||
Combined shares outstanding |
168,638 | |||
Interest | Outstanding | |||||||||||||||
Property | Rate | Term | Principal | Maturity | ||||||||||||
Courtyard Manhattan / Midtown East |
8.810 | % | Fixed | $ | 42,476 | October 2014 | ||||||||||
Salt Lake City Marriott Downtown |
5.500 | % | Fixed | 30,962 | January 2015 | |||||||||||
Courtyard Manhattan / Fifth Avenue |
6.480 | % | Fixed | 51,000 | June 2016 | |||||||||||
Los Angeles Airport Marriott |
5.300 | % | Fixed | 82,600 | July 2015 | |||||||||||
Marriott Frenchmans Reef |
5.440 | % | Fixed | 60,103 | August 2015 | |||||||||||
Renaissance Worthington |
5.400 | % | Fixed | 55,942 | July 2015 | |||||||||||
Orlando Airport Marriott |
5.680 | % | Fixed | 58,694 | January 2016 | |||||||||||
Chicago Marriott Downtown |
5.975 | % | Fixed | 215,684 | April 2016 | |||||||||||
Austin Renaissance Hotel |
5.507 | % | Fixed | 83,000 | December 2016 | |||||||||||
Waverly Renaissance Hotel |
5.503 | % | Fixed | 97,000 | December 2016 | |||||||||||
Hilton Minneapolis |
5.464 | % | Fixed | 99,859 | May 2021 | |||||||||||
JW Marriott Denver Cherry Creek |
6.470 | % | Fixed | 42,321 | July 2015 | |||||||||||
Debt premium (1) |
1,453 | |||||||||||||||
Total mortgage debt |
921,094 | |||||||||||||||
Senior Unsecured Credit Facility |
LIBOR + 2.25 | Variable | 115,000 | August 2014 | ||||||||||||
Total Debt |
$ | 1,036,094 | ||||||||||||||
(1) | The debt premium is a purchase accounting adjustment to record the debt on the JW Marriott Denver Cherry Creek at its acquisition date fair value. The premium will be amortized over the life of the loan into interest expense. |
- 14 -
ADR | Occupancy | RevPAR | Hotel Adjusted EBITDA Margin | |||||||||||||||||||||||||||||||||||||||||||||
2Q 2011 | 2Q 2010 | B/(W) | 2Q 2011 | 2Q 2010 | B/(W) | 2Q 2011 | 2Q 2010 | B/(W) | 2Q 2011 | 2Q 2010 | B/(W) | |||||||||||||||||||||||||||||||||||||
Atlanta Alpharetta |
$ | 131.89 | $ | 118.12 | 11.7 | % | 69.7 | % | 64.9 | % | 4.8 | % | $ | 91.95 | $ | 76.61 | 20.0 | % | 29.41 | % | 22.96 | % | 645 | bps | ||||||||||||||||||||||||
Westin Atlanta North (2) |
$ | 107.68 | $ | 102.68 | 4.9 | % | 73.8 | % | 73.5 | % | 0.3 | % | $ | 79.51 | $ | 75.47 | 5.4 | % | 16.66 | % | 17.49 | % | -83 | bps | ||||||||||||||||||||||||
Atlanta Waverly |
$ | 127.94 | $ | 128.22 | (0.2 | %) | 66.4 | % | 60.6 | % | 5.8 | % | $ | 84.96 | $ | 77.70 | 9.3 | % | 22.76 | % | 16.76 | % | 600 | bps | ||||||||||||||||||||||||
Renaissance Austin |
$ | 140.12 | $ | 142.09 | (1.4 | %) | 62.0 | % | 63.9 | % | (1.9 | %) | $ | 86.93 | $ | 90.82 | (4.3 | %) | 25.36 | % | 31.92 | % | -656 | bps | ||||||||||||||||||||||||
Bethesda Marriott Suites |
$ | 175.36 | $ | 168.63 | 4.0 | % | 78.3 | % | 76.8 | % | 1.5 | % | $ | 137.38 | $ | 129.43 | 6.1 | % | 35.00 | % | 27.99 | % | 701 | bps | ||||||||||||||||||||||||
Boston Westin (2) |
$ | 196.99 | $ | 202.26 | (2.6 | %) | 75.9 | % | 72.2 | % | 3.7 | % | $ | 149.59 | $ | 145.95 | 2.5 | % | 28.87 | % | 29.59 | % | -72 | bps | ||||||||||||||||||||||||
Renaissance Charleston |
$ | 190.81 | $ | 171.06 | 11.5 | % | 92.7 | % | 91.3 | % | 1.4 | % | $ | 176.81 | $ | 156.10 | 13.3 | % | 42.12 | % | 41.90 | % | 22 | bps | ||||||||||||||||||||||||
Hilton
Garden Inn Chelsea (2) |
$ | 208.56 | $ | 188.76 | 10.5 | % | 94.3 | % | 91.6 | % | 2.7 | % | $ | 196.64 | $ | 172.99 | 13.7 | % | 47.50 | % | 43.62 | % | 388 | bps | ||||||||||||||||||||||||
Chicago Marriott |
$ | 212.30 | $ | 197.80 | 7.3 | % | 74.8 | % | 78.5 | % | (3.7 | %) | $ | 158.89 | $ | 155.31 | 2.3 | % | 27.58 | % | 26.59 | % | 99 | bps | ||||||||||||||||||||||||
Chicago Conrad (2) |
$ | 183.19 | $ | 164.48 | 11.4 | % | 90.4 | % | 83.0 | % | 7.4 | % | $ | 165.68 | $ | 136.55 | 21.3 | % | 29.32 | % | 22.78 | % | 654 | bps | ||||||||||||||||||||||||
Courtyard Fifth Avenue |
$ | 273.59 | $ | 254.26 | 7.6 | % | 88.7 | % | 91.3 | % | (2.6 | %) | $ | 242.65 | $ | 232.11 | 4.5 | % | 35.00 | % | 33.63 | % | 137 | bps | ||||||||||||||||||||||||
Courtyard Midtown East |
$ | 274.79 | $ | 239.91 | 14.5 | % | 86.5 | % | 92.0 | % | (5.5 | %) | $ | 237.81 | $ | 220.72 | 7.7 | % | 40.67 | % | 37.63 | % | 304 | bps | ||||||||||||||||||||||||
Frenchmans Reef (2) |
$ | 236.65 | $ | 251.22 | (5.8 | %) | 85.1 | % | 85.6 | % | (0.5 | %) | $ | 201.37 | $ | 215.08 | (6.4 | %) | 12.57 | % | 31.13 | % | -1856 | bps | ||||||||||||||||||||||||
Griffin Gate Marriott |
$ | 137.69 | $ | 133.75 | 2.9 | % | 70.7 | % | 70.6 | % | 0.1 | % | $ | 97.29 | $ | 94.45 | 3.0 | % | 31.76 | % | 28.80 | % | 296 | bps | ||||||||||||||||||||||||
JW Marriott Denver Cherry Creek (2) |
$ | 227.82 | $ | 213.66 | 6.6 | % | 71.4 | % | 71.4 | % | 0.0 | % | $ | 162.77 | $ | 152.60 | 6.7 | % | 24.76 | % | 24.98 | % | -22 | bps | ||||||||||||||||||||||||
Los Angeles Airport |
$ | 102.00 | $ | 100.48 | 1.5 | % | 84.6 | % | 79.1 | % | 5.5 | % | $ | 86.34 | $ | 79.48 | 8.6 | % | 18.66 | % | 13.18 | % | 548 | bps | ||||||||||||||||||||||||
Hilton Minneapolis (2) |
$ | 139.44 | $ | 133.10 | 4.8 | % | 73.3 | % | 73.1 | % | 0.2 | % | $ | 102.28 | $ | 97.34 | 5.1 | % | 29.44 | % | 29.56 | % | -12 | bps | ||||||||||||||||||||||||
Oak Brook Hills |
$ | 114.85 | $ | 106.17 | 8.2 | % | 62.1 | % | 59.9 | % | 2.2 | % | $ | 71.32 | $ | 63.58 | 12.2 | % | 18.22 | % | 16.06 | % | 216 | bps | ||||||||||||||||||||||||
Orlando Airport Marriott |
$ | 99.93 | $ | 97.14 | 2.9 | % | 73.6 | % | 69.0 | % | 4.6 | % | $ | 73.50 | $ | 66.99 | 9.7 | % | 17.80 | % | 17.72 | % | 8 | bps | ||||||||||||||||||||||||
Salt Lake City Marriott |
$ | 125.83 | $ | 130.64 | (3.7 | %) | 63.9 | % | 54.8 | % | 9.1 | % | $ | 80.47 | $ | 71.57 | 12.4 | % | 27.65 | % | 26.52 | % | 113 | bps | ||||||||||||||||||||||||
The Lodge at Sonoma |
$ | 205.20 | $ | 192.05 | 6.8 | % | 76.5 | % | 71.2 | % | 5.3 | % | $ | 157.07 | $ | 136.80 | 14.8 | % | 18.02 | % | 14.27 | % | 375 | bps | ||||||||||||||||||||||||
Torrance Marriott South Bay |
$ | 105.69 | $ | 101.44 | 4.2 | % | 79.0 | % | 83.4 | % | (4.4 | %) | $ | 83.46 | $ | 84.65 | (1.4 | %) | 25.18 | % | 21.36 | % | 382 | bps | ||||||||||||||||||||||||
Vail Marriott (2) |
$ | 245.67 | $ | 223.84 | 9.8 | % | 51.4 | % | 55.4 | % | (4.0 | %) | $ | 126.17 | $ | 124.04 | 1.7 | % | 21.48 | % | 25.23 | % | -375 | bps | ||||||||||||||||||||||||
Radisson Lexington Hotel New York (2) |
$ | 196.69 | $ | 183.43 | 7.2 | % | 96.9 | % | 94.9 | % | 2.0 | % | $ | 190.65 | $ | 174.16 | 9.5 | % | 36.58 | % | 35.34 | % | 124 | bps | ||||||||||||||||||||||||
Renaissance Worthington |
$ | 160.33 | $ | 164.74 | (2.7 | %) | 69.4 | % | 67.3 | % | 2.1 | % | $ | 111.26 | $ | 110.87 | 0.4 | % | 28.65 | % | 34.49 | % | -584 | bps | ||||||||||||||||||||||||
Total/Weighted Average |
$ | 166.60 | $ | 161.84 | 2.9 | % | 76.0 | % | 74.7 | % | 1.3 | % | $ | 126.70 | $ | 120.89 | 4.8 | % | 26.99 | % | 27.20 | % | -21 | bps | ||||||||||||||||||||||||
Comparable Total/Weighted Avg. (3) |
$ | 163.78 | $ | 157.14 | 4.2 | % | 75.7 | % | 74.2 | % | 1.5 | % | $ | 124.03 | $ | 116.60 | 6.4 | % | 27.87 | % | 26.83 | % | 104 | bps | ||||||||||||||||||||||||
(1) | The pro forma operating data includes the operating results for the Companys 25 hotels owned as of June 17, 2011 as if they were owned since January 1, 2010. | |
(2) | The hotel reports results on a monthly basis. The data presented is based upon the Companys reporting calendar for the second quarter and includes the months of March, April, and May. | |
(3) | The comparable total excludes the Frenchmans Reef & Morning Star Marriott Beach Resort from all periods presented due to the extensive ongoing renovation. |
- 15 -
ADR | Occupancy | RevPAR | Hotel Adjusted EBITDA Margin | |||||||||||||||||||||||||||||||||||||||||||||
YTD 2011 | YTD 2010 | B/(W) | YTD 2011 | YTD 2010 | B/(W) | YTD 2011 | YTD 2010 | B/(W) | YTD 2011 | YTD 2010 | B/(W) | |||||||||||||||||||||||||||||||||||||
Atlanta Alpharetta |
$ | 134.19 | $ | 119.44 | 12.3 | % | 68.4 | % | 66.8 | % | 1.6 | % | $ | 91.77 | $ | 79.75 | 15.1 | % | 31.50 | % | 25.53 | % | 597 | bps | ||||||||||||||||||||||||
Westin Atlanta North (2) |
$ | 108.56 | $ | 102.42 | 6.0 | % | 70.0 | % | 71.1 | % | (1.1 | %) | $ | 75.95 | $ | 72.79 | 4.3 | % | 15.49 | % | 15.94 | % | -45 | bps | ||||||||||||||||||||||||
Atlanta Waverly |
$ | 130.69 | $ | 129.43 | 1.0 | % | 67.0 | % | 65.2 | % | 1.8 | % | $ | 87.55 | $ | 84.36 | 3.8 | % | 23.36 | % | 21.33 | % | 203 | bps | ||||||||||||||||||||||||
Renaissance Austin |
$ | 144.45 | $ | 143.70 | 0.5 | % | 66.7 | % | 63.8 | % | 2.9 | % | $ | 96.39 | $ | 91.72 | 5.1 | % | 30.92 | % | 31.22 | % | -30 | bps | ||||||||||||||||||||||||
Bethesda Marriott Suites |
$ | 175.60 | $ | 166.99 | 5.2 | % | 66.5 | % | 66.9 | % | (0.4 | %) | $ | 116.80 | $ | 111.80 | 4.5 | % | 29.05 | % | 25.38 | % | 367 | bps | ||||||||||||||||||||||||
Boston Westin (2) |
$ | 185.47 | $ | 187.61 | (1.1 | %) | 64.7 | % | 63.2 | % | 1.5 | % | $ | 120.00 | $ | 118.63 | 1.2 | % | 19.03 | % | 22.42 | % | -339 | bps | ||||||||||||||||||||||||
Renaissance Charleston |
$ | 176.19 | $ | 158.79 | 11.0 | % | 84.1 | % | 82.3 | % | 1.8 | % | $ | 148.26 | $ | 130.76 | 13.4 | % | 35.45 | % | 34.60 | % | 85 | bps | ||||||||||||||||||||||||
Hilton Garden Inn Chelsea (2) |
$ | 187.66 | $ | 174.35 | 7.6 | % | 90.1 | % | 87.8 | % | 2.3 | % | $ | 169.09 | $ | 153.15 | 10.4 | % | 40.97 | % | 38.29 | % | 268 | bps | ||||||||||||||||||||||||
Chicago Marriott |
$ | 189.57 | $ | 177.18 | 7.0 | % | 62.9 | % | 65.2 | % | (2.3 | %) | $ | 119.19 | $ | 115.53 | 3.2 | % | 17.75 | % | 15.54 | % | 221 | bps | ||||||||||||||||||||||||
Chicago Conrad (2) |
$ | 170.74 | $ | 158.74 | 7.6 | % | 78.8 | % | 70.6 | % | 8.2 | % | $ | 134.60 | $ | 112.12 | 20.0 | % | 18.55 | % | 11.84 | % | 671 | bps | ||||||||||||||||||||||||
Courtyard Fifth Avenue |
$ | 243.45 | $ | 230.28 | 5.7 | % | 83.7 | % | 86.8 | % | (3.1 | %) | $ | 203.69 | $ | 199.92 | 1.9 | % | 24.47 | % | 24.59 | % | -12 | bps | ||||||||||||||||||||||||
Courtyard Midtown East |
$ | 241.91 | $ | 214.31 | 12.9 | % | 80.5 | % | 84.6 | % | (4.1 | %) | $ | 194.68 | $ | 181.35 | 7.4 | % | 29.67 | % | 28.08 | % | 159 | bps | ||||||||||||||||||||||||
Frenchmans Reef (2) |
$ | 253.11 | $ | 267.55 | (5.4 | %) | 82.1 | % | 84.4 | % | (2.3 | %) | $ | 207.72 | $ | 225.70 | (8.0 | %) | 20.04 | % | 34.32 | % | -1428 | bps | ||||||||||||||||||||||||
Griffin Gate Marriott |
$ | 128.31 | $ | 122.07 | 5.1 | % | 57.4 | % | 60.0 | % | (2.6 | %) | $ | 73.60 | $ | 73.20 | 0.5 | % | 21.62 | % | 18.83 | % | 279 | bps | ||||||||||||||||||||||||
JW Marriott Denver Cherry Creek (2) |
$ | 224.86 | $ | 207.38 | 8.4 | % | 67.8 | % | 70.7 | % | (2.9 | %) | $ | 152.39 | $ | 146.63 | 3.9 | % | 22.51 | % | 22.84 | % | -33 | bps | ||||||||||||||||||||||||
Los Angeles Airport |
$ | 105.19 | $ | 103.54 | 1.6 | % | 84.0 | % | 81.0 | % | 3.0 | % | $ | 88.36 | $ | 83.89 | 5.3 | % | 18.48 | % | 16.55 | % | 193 | bps | ||||||||||||||||||||||||
Hilton Minneapolis (2) |
$ | 130.59 | $ | 123.29 | 5.9 | % | 68.1 | % | 68.4 | % | (0.3 | %) | $ | 88.97 | $ | 84.29 | 5.6 | % | 24.83 | % | 23.68 | % | 115 | bps | ||||||||||||||||||||||||
Oak Brook Hills |
$ | 111.74 | $ | 105.28 | 6.1 | % | 49.4 | % | 48.2 | % | 1.2 | % | $ | 55.18 | $ | 50.74 | 8.8 | % | 3.08 | % | 4.98 | % | -190 | bps | ||||||||||||||||||||||||
Orlando Airport Marriott |
$ | 104.61 | $ | 102.29 | 2.3 | % | 81.5 | % | 74.8 | % | 6.7 | % | $ | 85.23 | $ | 76.51 | 11.4 | % | 26.98 | % | 23.37 | % | 361 | bps | ||||||||||||||||||||||||
Salt Lake City Marriott |
$ | 126.18 | $ | 134.25 | (6.0 | %) | 60.8 | % | 54.1 | % | 6.7 | % | $ | 76.75 | $ | 72.68 | 5.6 | % | 25.50 | % | 28.01 | % | -251 | bps | ||||||||||||||||||||||||
The Lodge at Sonoma |
$ | 189.95 | $ | 176.23 | 7.8 | % | 64.7 | % | 59.2 | % | 5.5 | % | $ | 122.93 | $ | 104.39 | 17.8 | % | 5.93 | % | 3.87 | % | 206 | bps | ||||||||||||||||||||||||
Torrance Marriott South Bay |
$ | 105.87 | $ | 100.32 | 5.5 | % | 78.4 | % | 82.5 | % | (4.1 | %) | $ | 83.01 | $ | 82.81 | 0.2 | % | 23.11 | % | 19.87 | % | 324 | bps | ||||||||||||||||||||||||
Vail Marriott (2) |
$ | 278.73 | $ | 262.31 | 6.3 | % | 62.7 | % | 65.8 | % | (3.1 | %) | $ | 174.76 | $ | 172.64 | 1.2 | % | 34.19 | % | 36.86 | % | -267 | bps | ||||||||||||||||||||||||
Radisson Lexington Hotel New York (2) |
$ | 170.71 | $ | 161.79 | 5.5 | % | 94.0 | % | 92.6 | % | 1.4 | % | $ | 160.45 | $ | 149.86 | 7.1 | % | 27.97 | % | 27.10 | % | 87 | bps | ||||||||||||||||||||||||
Renaissance Worthington |
$ | 166.72 | $ | 159.72 | 4.4 | % | 71.8 | % | 71.8 | % | 0.0 | % | $ | 119.78 | $ | 114.65 | 4.5 | % | 34.51 | % | 34.33 | % | 18 | bps | ||||||||||||||||||||||||
Total/Weighted Average |
$ | 158.35 | $ | 153.51 | 3.2 | % | 71.7 | % | 71.0 | % | 0.7 | % | $ | 113.46 | $ | 108.97 | 4.1 | % | 23.27 | % | 23.65 | % | -38 | bps | ||||||||||||||||||||||||
Comparable Total/Weighted Avg. (3) |
$ | 154.56 | $ | 148.09 | 4.4 | % | 71.3 | % | 70.5 | % | 0.8 | % | $ | 110.19 | $ | 104.33 | 5.6 | % | 23.50 | % | 22.68 | % | 82 | bps | ||||||||||||||||||||||||
(1) | The pro forma operating data includes the operating results for the Companys 25 hotels owned as of June 17, 2011 as if they were owned since January 1, 2010 | |
(2) | The hotel reports results on a monthly basis. The data presented is based upon the Companys reporting calendar and includes the months of January through May. | |
(3) | The comparable total excludes the Frenchmans Reef & Morning Star Marriott Beach Resort from all periods presented due to the extensive ongoing renovation. |
- 16 -
Second Quarter 2011 (1) | ||||||||||||||||||||||||
Plus: | Equals: | |||||||||||||||||||||||
Plus: | Plus: | Non-Cash | Hotel Adjusted | |||||||||||||||||||||
Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (2) | EBITDA | |||||||||||||||||||
Atlanta Alpharetta |
$ | 3,570 | $ | 762 | $ | 288 | $ | | $ | | $ | 1,050 | ||||||||||||
Westin Atlanta North (3) |
$ | 4,220 | $ | 288 | $ | 415 | $ | | $ | | $ | 703 | ||||||||||||
Atlanta Waverly |
$ | 6,581 | $ | (833 | ) | $ | 1,080 | $ | 1,251 | $ | | $ | 1,498 | |||||||||||
Renaissance Austin |
$ | 6,314 | $ | (426 | ) | $ | 952 | $ | 1,075 | $ | | $ | 1,601 | |||||||||||
Bethesda Marriott Suites |
$ | 4,271 | $ | (434 | ) | $ | 483 | $ | | $ | 1,446 | $ | 1,495 | |||||||||||
Boston Westin (3) |
$ | 18,731 | $ | 2,428 | $ | 2,863 | $ | | $ | 117 | $ | 5,408 | ||||||||||||
Renaissance Charleston |
$ | 3,001 | $ | 961 | $ | 332 | $ | | $ | (29 | ) | $ | 1,264 | |||||||||||
Hilton Garden Inn Chelsea (3) |
$ | 3,158 | $ | 1,076 | $ | 424 | $ | | $ | | $ | 1,500 | ||||||||||||
Chicago Marriott |
$ | 23,699 | $ | 893 | $ | 2,949 | $ | 3,059 | $ | (365 | ) | $ | 6,536 | |||||||||||
Chicago Conrad (3) (5) |
$ | 6,133 | $ | 662 | $ | 1,136 | $ | | $ | | $ | 1,798 | ||||||||||||
Courtyard Fifth Avenue |
$ | 3,863 | $ | 67 | $ | 439 | $ | 798 | $ | 48 | $ | 1,352 | ||||||||||||
Courtyard Midtown East |
$ | 6,462 | $ | 1,189 | $ | 530 | $ | 909 | $ | | $ | 2,628 | ||||||||||||
Frenchmans Reef (3) |
$ | 10,771 | $ | (329 | ) | $ | 978 | $ | 705 | $ | | $ | 1,354 | |||||||||||
Griffin Gate Marriott |
$ | 6,442 | $ | 1,284 | $ | 763 | $ | | $ | (1 | ) | $ | 2,046 | |||||||||||
JW Marriott Denver Cherry Creek (3) |
$ | 4,676 | $ | 165 | $ | 420 | $ | 573 | $ | | $ | 1,158 | ||||||||||||
Los Angeles Airport |
$ | 12,349 | $ | (247 | ) | $ | 1,516 | $ | 1,035 | $ | | $ | 2,304 | |||||||||||
Minneapolis Hilton (3) |
$ | 12,450 | $ | 1,104 | $ | 1,694 | $ | 983 | $ | (116 | ) | $ | 3,665 | |||||||||||
Oak Brook Hills |
$ | 5,577 | $ | 156 | $ | 735 | $ | | $ | 125 | $ | 1,016 | ||||||||||||
Orlando Airport Marriott |
$ | 4,394 | $ | (755 | ) | $ | 754 | $ | 783 | $ | | $ | 782 | |||||||||||
Salt Lake City Marriott |
$ | 5,056 | $ | 366 | $ | 628 | $ | 404 | $ | | $ | 1,398 | ||||||||||||
The Lodge at Sonoma |
$ | 3,996 | $ | 398 | $ | 322 | $ | | $ | | $ | 720 | ||||||||||||
Torrance Marriott South Bay |
$ | 5,004 | $ | 523 | $ | 737 | $ | | $ | | $ | 1,260 | ||||||||||||
Vail Marriott (3) |
$ | 5,246 | $ | 620 | $ | 507 | $ | | $ | | $ | 1,127 | ||||||||||||
Radisson Lexington Hotel New York (3) |
$ | 13,189 | $ | 2,470 | $ | 2,355 | $ | | $ | | $ | 4,825 | ||||||||||||
Renaissance Worthington |
$ | 7,467 | $ | 797 | $ | 625 | $ | 714 | $ | 3 | $ | 2,139 | ||||||||||||
Total |
$ | 186,620 | $ | 13,185 | $ | 23,925 | $ | 12,289 | $ | 1,228 | $ | 50,360 | ||||||||||||
Comparable Total (4) |
$ | 175,849 | $ | 13,514 | $ | 22,947 | $ | 11,584 | $ | 1,228 | $ | 49,006 | ||||||||||||
(1) | The pro forma operating data includes the operating results for the Companys 25 hotels owned as of June 17, 2011 as if they were owned since January 1, 2010. | |
(2) | The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of favorable lease assets, and the non-cash amortization of unfavorable contract liabilities. | |
(3) | The hotel reports results on a monthly basis. The amounts presented are based on the Companys reporting calendar for the second quarter and include the months of March, April, and May. | |
(4) | The comparable total excludes the Frenchmans Reef & Morning Star Marriott Beach Resort due to the extensive ongoing renovation. | |
(5) | Does not include the $0.9 million accrual for the net repayment of key money |
- 17 -
Second Quarter 2010 (1) | ||||||||||||||||||||||||
Plus: | Equals: | |||||||||||||||||||||||
Plus: | Plus: | Non-Cash | Hotel Adjusted | |||||||||||||||||||||
Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (2) | EBITDA | |||||||||||||||||||
Atlanta Alpharetta |
$ | 2,979 | $ | 392 | $ | 292 | $ | | $ | | $ | 684 | ||||||||||||
Westin Atlanta North (3) |
$ | 4,152 | $ | 300 | $ | 426 | $ | | $ | | $ | 726 | ||||||||||||
Atlanta Waverly |
$ | 6,141 | $ | (1,272 | ) | $ | 1,050 | $ | 1,251 | $ | | $ | 1,029 | |||||||||||
Renaissance Austin |
$ | 6,867 | $ | 154 | $ | 965 | $ | 1,073 | $ | | $ | 2,192 | ||||||||||||
Bethesda Marriott Suites |
$ | 3,802 | $ | (900 | ) | $ | 511 | $ | | $ | 1,453 | $ | 1,064 | |||||||||||
Boston Westin (3) |
$ | 19,435 | $ | 2,744 | $ | 2,890 | $ | | $ | 117 | $ | 5,751 | ||||||||||||
Renaissance Charleston |
$ | 2,709 | $ | 780 | $ | 384 | $ | | $ | (29 | ) | $ | 1,135 | |||||||||||
Hilton Garden Inn Chelsea (3) |
$ | 2,781 | $ | 709 | $ | 504 | $ | | $ | | $ | 1,213 | ||||||||||||
Chicago Marriott |
$ | 23,403 | $ | 383 | $ | 3,125 | $ | 3,079 | $ | (365 | ) | $ | 6,222 | |||||||||||
Chicago Conrad (3) |
$ | 5,210 | $ | 82 | $ | 1,105 | $ | | $ | | $ | 1,187 | ||||||||||||
Courtyard Fifth Avenue |
$ | 3,660 | $ | (52 | ) | $ | 436 | $ | 799 | $ | 48 | $ | 1,231 | |||||||||||
Courtyard Midtown East |
$ | 6,009 | $ | 826 | $ | 520 | $ | 915 | $ | | $ | 2,261 | ||||||||||||
Frenchmans Reef (3) |
$ | 15,588 | $ | 3,156 | $ | 898 | $ | 799 | $ | | $ | 4,853 | ||||||||||||
Griffin Gate Marriott |
$ | 6,222 | $ | 1,040 | $ | 753 | $ | | $ | (1 | ) | $ | 1,792 | |||||||||||
JW Marriott Denver Cherry Creek (3) |
$ | 4,431 | $ | 102 | $ | 420 | $ | 585 | $ | | $ | 1,107 | ||||||||||||
Los Angeles Airport |
$ | 11,103 | $ | (885 | ) | $ | 1,312 | $ | 1,036 | $ | | $ | 1,463 | |||||||||||
Minneapolis Hilton (3) |
$ | 11,929 | $ | 2,082 | $ | 1,707 | $ | | $ | (263 | ) | $ | 3,526 | |||||||||||
Oak Brook Hills |
$ | 5,423 | $ | (2 | ) | $ | 748 | $ | | $ | 125 | $ | 871 | |||||||||||
Orlando Airport Marriott |
$ | 4,148 | $ | (790 | ) | $ | 740 | $ | 785 | $ | | $ | 735 | |||||||||||
Salt Lake City Marriott |
$ | 4,823 | $ | 142 | $ | 714 | $ | 423 | $ | | $ | 1,279 | ||||||||||||
The Lodge at Sonoma |
$ | 3,484 | $ | 170 | $ | 327 | $ | | $ | | $ | 497 | ||||||||||||
Torrance Marriott South Bay |
$ | 4,967 | $ | 303 | $ | 758 | $ | | $ | | $ | 1,061 | ||||||||||||
Vail Marriott (3) |
$ | 5,573 | $ | 695 | $ | 711 | $ | | $ | | $ | 1,406 | ||||||||||||
Radisson Lexington Hotel New York (3) |
$ | 12,091 | $ | 1,918 | $ | 2,355 | $ | | $ | | $ | 4,273 | ||||||||||||
Renaissance Worthington |
$ | 8,135 | $ | 1,286 | $ | 793 | $ | 724 | $ | 3 | $ | 2,806 | ||||||||||||
Total |
$ | 185,065 | $ | 13,363 | $ | 24,444 | $ | 11,469 | $ | 1,088 | $ | 50,329 | ||||||||||||
Comparable Total (4) |
$ | 169,477 | $ | 10,207 | $ | 23,546 | $ | 10,670 | $ | 1,088 | $ | 45,476 | ||||||||||||
(1) | The pro forma operating data includes the operating results for the Companys 25 hotels owned as of June 17, 2011 as if they were owned as of January 1, 2010. | |
(2) | The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets and the non-cash amortization of our unfavorable contract liabilities. | |
(3) | The hotel reports results on a monthly basis. The data presented is based upon the Companys reporting calendar for the second quarter and includes the months of March, April, and May. | |
(4) | The comparable total excludes the Frenchmans Reef & Morning Star Marriott Beach Resort due to the extensive ongoing renovation. |
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Year to Date 2011 (1) | ||||||||||||||||||||||||
Plus: | Equals: | |||||||||||||||||||||||
Plus: | Plus: | Non-Cash | Hotel Adjusted | |||||||||||||||||||||
Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (2) | EBITDA | |||||||||||||||||||
Atlanta Alpharetta |
$ | 7,241 | $ | 1,708 | $ | 573 | $ | | $ | | $ | 2,281 | ||||||||||||
Westin Atlanta North (3) |
$ | 6,720 | $ | 198 | $ | 843 | $ | | $ | | $ | 1,041 | ||||||||||||
Atlanta Waverly |
$ | 14,002 | $ | (1,384 | ) | $ | 2,152 | $ | 2,503 | $ | | $ | 3,271 | |||||||||||
Renaissance Austin |
$ | 14,076 | $ | 294 | $ | 1,910 | $ | 2,148 | $ | | $ | 4,352 | ||||||||||||
Bethesda Marriott Suites |
$ | 7,354 | $ | (1,731 | ) | $ | 970 | $ | | $ | 2,897 | $ | 2,136 | |||||||||||
Boston Westin (3) |
$ | 24,952 | $ | (1,256 | ) | $ | 5,771 | $ | | $ | 234 | $ | 4,749 | |||||||||||
Renaissance Charleston |
$ | 5,052 | $ | 1,186 | $ | 663 | $ | | $ | (58 | ) | $ | 1,791 | |||||||||||
Hilton Garden Inn Chelsea (3) |
$ | 4,469 | $ | 985 | $ | 846 | $ | | $ | | $ | 1,831 | ||||||||||||
Chicago Marriott |
$ | 36,106 | $ | (5,231 | ) | $ | 6,262 | $ | 6,108 | $ | (730 | ) | $ | 6,409 | ||||||||||
Chicago Conrad (3)(5) |
$ | 8,235 | $ | (745 | ) | $ | 2,273 | $ | | $ | | $ | 1,528 | |||||||||||
Courtyard Fifth Avenue |
$ | 6,466 | $ | (988 | ) | $ | 878 | $ | 1,597 | $ | 95 | $ | 1,582 | |||||||||||
Courtyard Midtown East |
$ | 10,660 | $ | 262 | $ | 1,062 | $ | 1,839 | $ | | $ | 3,163 | ||||||||||||
Frenchmans Reef (3) |
$ | 20,406 | $ | 656 | $ | 1,931 | $ | 1,503 | $ | | $ | 4,090 | ||||||||||||
Griffin Gate Marriott |
$ | 9,773 | $ | 579 | $ | 1,536 | $ | | $ | (2 | ) | $ | 2,113 | |||||||||||
JW Marriott Denver Cherry Creek (3) |
$ | 7,302 | $ | (342 | ) | $ | 840 | $ | 1,146 | $ | | $ | 1,644 | |||||||||||
Los Angeles Airport |
$ | 24,605 | $ | (350 | ) | $ | 2,825 | $ | 2,071 | $ | | $ | 4,546 | |||||||||||
Minneapolis Hilton (3) |
$ | 18,578 | $ | 577 | $ | 3,376 | $ | 983 | $ | (324 | ) | $ | 4,612 | |||||||||||
Oak Brook Hills |
$ | 8,185 | $ | (1,475 | ) | $ | 1,477 | $ | | $ | 250 | $ | 252 | |||||||||||
Orlando Airport Marriott |
$ | 10,408 | $ | (269 | ) | $ | 1,509 | $ | 1,568 | $ | | $ | 2,808 | |||||||||||
Salt Lake City Marriott |
$ | 9,828 | $ | 437 | $ | 1,256 | $ | 813 | $ | | $ | 2,506 | ||||||||||||
The Lodge at Sonoma |
$ | 6,598 | $ | (260 | ) | $ | 651 | $ | | $ | | $ | 391 | |||||||||||
Torrance Marriott South Bay |
$ | 9,670 | $ | 762 | $ | 1,473 | $ | | $ | | $ | 2,235 | ||||||||||||
Vail Marriott (3) |
$ | 11,740 | $ | 2,998 | $ | 1,016 | $ | | $ | | $ | 4,014 | ||||||||||||
Radisson Lexington Hotel New York (3) |
$ | 18,408 | $ | 439 | $ | 4,710 | $ | | $ | | $ | 5,149 | ||||||||||||
Renaissance Worthington |
$ | 15,898 | $ | 2,800 | $ | 1,251 | $ | 1,431 | $ | 5 | $ | 5,487 | ||||||||||||
Total |
$ | 316,732 | $ | (150 | ) | $ | 48,054 | $ | 23,710 | $ | 2,367 | $ | 73,713 | |||||||||||
Comparable Total (4) |
$ | 296,326 | $ | (806 | ) | $ | 46,123 | $ | 22,207 | $ | 2,367 | $ | 69,623 | |||||||||||
(1) | The pro forma operating data includes the operating results for the Companys 25 hotels owned as of June 17, 2011 as if they were owned as of January 1, 2010. | |
(2) | The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets and the non-cash amortization of our unfavorable contract liabilities. | |
(3) | The hotel reports results on a monthly basis. The data presented is based upon the Companys reporting calendar and includes the months of January through May. | |
(4) | The comparable total excludes the Frenchmans Reef & Morning Star Marriott Beach Resort due to the extensive ongoing renovation. | |
(5) | Does not include the $0.9 million accrual for the net repayment of key money. |
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Year to Date 2010 (1) | ||||||||||||||||||||||||
Plus: | Equals: | |||||||||||||||||||||||
Plus: | Plus: | Non-Cash | Hotel Adjusted | |||||||||||||||||||||
Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (2) | EBITDA | |||||||||||||||||||
Atlanta Alpharetta |
$ | 6,353 | $ | 1,050 | $ | 572 | $ | | $ | | $ | 1,622 | ||||||||||||
Westin Atlanta North (3) |
$ | 6,580 | $ | 215 | $ | 834 | $ | | $ | | $ | 1,049 | ||||||||||||
Atlanta Waverly |
$ | 13,959 | $ | (1,629 | ) | $ | 2,089 | $ | 2,518 | $ | | $ | 2,978 | |||||||||||
Renaissance Austin |
$ | 13,946 | $ | 285 | $ | 1,911 | $ | 2,158 | $ | | $ | 4,354 | ||||||||||||
Bethesda Marriott Suites |
$ | 6,790 | $ | (2,214 | ) | $ | 1,020 | $ | | $ | 2,917 | $ | 1,723 | |||||||||||
Boston Westin (3) |
$ | 26,366 | $ | (98 | ) | $ | 5,776 | $ | | $ | 234 | $ | 5,912 | |||||||||||
Renaissance Charleston |
$ | 4,613 | $ | 886 | $ | 768 | $ | | $ | (58 | ) | $ | 1,596 | |||||||||||
Hilton Garden Inn Chelsea (3) |
$ | 4,048 | $ | 542 | $ | 1,008 | $ | | $ | | $ | 1,550 | ||||||||||||
Chicago Marriott |
$ | 35,479 | $ | (6,161 | ) | $ | 6,198 | $ | 6,207 | $ | (730 | ) | $ | 5,514 | ||||||||||
Chicago Conrad (3) |
$ | 7,043 | $ | (1,378 | ) | $ | 2,212 | $ | | $ | | $ | 834 | |||||||||||
Courtyard Fifth Avenue |
$ | 6,341 | $ | (1,017 | ) | $ | 873 | $ | 1,606 | $ | 97 | $ | 1,559 | |||||||||||
Courtyard Midtown East |
$ | 9,994 | $ | (106 | ) | $ | 1,039 | $ | 1,873 | $ | | $ | 2,806 | |||||||||||
Frenchmans Reef (3) |
$ | 26,330 | $ | 8,801 | $ | 1,771 | $ | (1,536 | ) | $ | | $ | 9,036 | |||||||||||
Griffin Gate Marriott |
$ | 10,005 | $ | 355 | $ | 1,531 | $ | | $ | (2 | ) | $ | 1,884 | |||||||||||
JW Marriott Denver Cherry Creek (3) |
$ | 6,886 | $ | (437 | ) | $ | 840 | $ | 1,170 | $ | | $ | 1,573 | |||||||||||
Los Angeles Airport |
$ | 23,371 | $ | (828 | ) | $ | 2,612 | $ | 2,084 | $ | | $ | 3,868 | |||||||||||
Minneapolis Hilton (3) |
$ | 17,507 | $ | 1,169 | $ | 3,414 | $ | | $ | (438 | ) | $ | 4,145 | |||||||||||
Oak Brook Hills |
$ | 8,332 | $ | (1,329 | ) | $ | 1,494 | $ | | $ | 250 | $ | 415 | |||||||||||
Orlando Airport Marriott |
$ | 9,636 | $ | (803 | ) | $ | 1,476 | $ | 1,579 | $ | | $ | 2,252 | |||||||||||
Salt Lake City Marriott |
$ | 9,931 | $ | 496 | $ | 1,431 | $ | 855 | $ | | $ | 2,782 | ||||||||||||
The Lodge at Sonoma |
$ | 5,735 | $ | (423 | ) | $ | 645 | $ | | $ | | $ | 222 | |||||||||||
Torrance Marriott South Bay |
$ | 9,503 | $ | 384 | $ | 1,504 | $ | | $ | | $ | 1,888 | ||||||||||||
Vail Marriott (3) |
$ | 12,218 | $ | 3,081 | $ | 1,423 | $ | | $ | | $ | 4,504 | ||||||||||||
Radisson Lexington Hotel New York (3) |
$ | 17,204 | $ | (47 | ) | $ | 4,710 | $ | | $ | | $ | 4,663 | |||||||||||
Renaissance Worthington |
$ | 16,043 | $ | 2,468 | $ | 1,574 | $ | 1,460 | $ | 5 | $ | 5,507 | ||||||||||||
Total |
$ | 314,213 | $ | 3,262 | $ | 48,725 | $ | 19,974 | $ | 2,275 | $ | 74,314 | ||||||||||||
Comparable Total (4) |
$ | 287,883 | $ | (5,539 | ) | $ | 46,954 | $ | 21,510 | $ | 2,275 | $ | 65,278 | |||||||||||
(1) | The pro forma operating data includes the operating results for the Companys 25 hotels owned as of June 17, 2011 as if they were owned as of January 1, 2010. | |
(2) | The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets and the non-cash amortization of our unfavorable contract liabilities. | |
(3) | The hotel reports results on a monthly basis. The data presented is based upon the Companys reporting calendar and includes the months of January through May. | |
(4) | The comparable total excludes the Frenchmans Reef & Morning Star Marriott Beach Resort due to the extensive ongoing renovation. |
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